Bankwest Low Rate Business Mastercard – Review

Make purchases and run your business with a low interest rate credit card that was designed to assist you in managing expenses.

For new customers who apply before 5 March 2018, purchases made on the card will be subject to 0% p.a. interest for 12 months. The competitively low 11.99% p.a. interest rate is applied to purchases outside of the promotional period, balance transfers and cash advances. Pay down your existing credit card debt for less and manage your cashflow with the Bankwest Low Rate Business Mastercard.

Product NameBankwest Low Rate Business Mastercard
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)0% p.a. for 12 months (reverts to 11.99% p.a.)
Offer end date5 March 2018
Annual fee$99 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)11.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Card TypeMastercard
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Complimentary Travel InsuranceNo
Minimum Age18 years of age
Available To Temporary ResidentsNo
Credit Rating RequirementGood
Joint ApplicationNo
Annual fee$99 p.a.
Minimum Monthly Repayment$20 or 2%
Late Payment Fee$35
Cash Advance FeeGreater of 2% or $4.00
Overseas Cash Advance FeeGreater of 2% or $4.00
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You'll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95%
of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0
Number of Additional Cardholders3

Pros

  • New card customers who apply by 5 March 2018 and are approved can enjoy 0% p.a. for the first 12 months on purchases.
  • Low rate of 11.99% p.a. on purchases and cash advances.
  • Flexible credit limits between $2,000 and $50,000.

Cons

  • No rewards program or insurance covers.

Bankwest Low Rate Business Mastercard review

The Bankwest Low Rate Business Mastercard gives you the opportunity to pay off your business debt by consolidating it into one manageable account. The interest rate for transferring your balances is currently at 11.99% p.a. When you apply before 5 March 2018, new purchases made on the card will be subject to 0% p.a. interest for 12 months.

This is a personal liability credit card best suited to small businesses. If your company is larger you might want to consider exploring business credit cards that allow liability to be assigned to the business, not its owner.

Benefits of the Bankwest Low Rate Business Mastercard

  • Introductory purchase rate. Pay 0% p.a. interest on purchases for 12 months when you apply and are approved before 5 March 2018. After the 12 months is over, any outstanding purchases will be charged at the standard ongoing purchase rate.
  • Low interest rates. A uniform interest rate of 11.99% p.a. applies to purchases outside of the promotional period, cash advances and balance transfers.
  • Balance transfer. You can transfer balances from non-Bankwest credit or store accounts issued in Australia to this card. Any balances transferred will attract an 11.99% p.a. interest rate. You can transfer up to 95% of the approved credit limit.
  • Interest-free days. For purchases only, there are up to 55 interest-free days. These can only be taken advantage of when the account has been paid in full for the current and preceding statement period. Interest-free days will not apply to balance transfers or cash advances.
  • Eligible for Google Pay. The Google Pay feature allows Bankwest cardholders to tap and go at the checkout with their Android device.

Features of the Bankwest Low Rate Business Mastercard

In addition to the competitive rates on balance transfers, purchases and cash advances, the Bankwest Low Rate Business Mastercard offers your business the following features:

  • Annual fee. This card attracts a standard annual fee of $99 p.a.
  • Foreign transactions. When you make a purchase that involves the conversion of a foreign currency to the Australian dollar, you will be charged 2.95% of the Australian dollar amount.
  • Card replacement. For the replacement of a lost card, you will be charged $25.
  • Additional cardholders. You are permitted to have up to 3 additional cards with your account for no charge. Your monthly statement will contain detailed information for each card held on the account.
  • Liability. Despite this being a business credit card, the liability for any fraudulent use is the sole responsibility of the primary cardholder and not the business entity.
  • Credit limit. Depending on your individual financial circumstances, the amount of credit allowed will range from $2,000 to $50,000.
  • Repayments. The minimum repayment amount each month will be the greater of $20 or 2% of the total balance.

How to apply for the Bankwest Low Rate Business Mastercard

Eligibility criteria

  • 18 years of age or older
  • Australian permanent resident
  • Meet Bankwest lending criteria
  • Do not have an overdue debt with the Australian Tax Office

Required documents

  • Verifiable identity information if you're a new Bankwest customer
  • Details of your financial information, including income, assets, expenses and liabilities
  • Any additional cardholders' names and email addresses

When considering a new credit card for your business make sure to examine all of the features offered to determine what will best help you meet your goals. Liability should also be considered, especially if your business is a larger one.

Back to top
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

Credit Cards Comparison

Rates last updated February 23rd, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
American Express Velocity Escape Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$0 p.a.
Receive a bonus 12,500 Velocity Points, pay a $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a 0% BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$99 p.a.
Platinum card benefits including complimentary insurance, plus 0% p.a. for 24 months on balance transfers (with no BT fee). Ends 28 February 2018.
Westpac Low Rate - Online Offer
13.49% p.a.
0% p.a. for 30 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Take advantage of 0% p.a. for 30 months on balance transfers with a 2% balance transfer fee when you apply online by 28 February 2018.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question
Go to site